[Congressional Record (Bound Edition), Volume 161 (2015), Part 15]
[Extensions of Remarks]
[Page 21641]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 SUPPORTING DEBT RELIEF FOR PUERTO RICO

                                  _____
                                 

                          HON. TERRI A. SEWELL

                               of alabama

                    in the house of representatives

                       Friday, December 18, 2015

  Ms. SEWELL of Alabama. Mr. Speaker, today I rise to stand with our 
fellow Americans, the 3.5 million American citizens of Puerto Rico, in 
urging Republican leadership to make good on the promise that action 
will be taken by March 31st to allow the U.S. territory to restructure 
its debt. This agreement made last night is welcome news as we cannot 
continue to ignore the urgency of the mounting fiscal and economic 
crisis facing Puerto Rico.
  On behalf of all Puerto Ricans, including the more than 12,000 who 
reside in my home state of Alabama, I remain disappointed that a deal 
to enable the territory to restructure its debt and keep its schools, 
hospitals, and roads open and functioning past January 1 was not 
included in the Omnibus. The sovereignty of the Puerto Rican people is 
our responsibility.
  I represent parts of Jefferson County, Alabama, a political 
subdivision which became the biggest U.S. municipal bankruptcy in 2011. 
While we all can agree bankruptcy isn't a cure-all and it definitely 
has its limits, it is often necessary to begin the process of dealing 
with an unimaginable debt load. Puerto Rico should have the same power 
to avail themselves of the federal remedies and negotiate directly with 
their bond holders as every U.S. state has.
  Puerto Rico is the third-largest issuer of municipal bonds in the 
U.S. and now has a debt totaling $72 billion, amounting to $20,000 for 
every man, woman, and child on the island. As over 50 percent of Puerto 
Rico's citizens live in poverty, default will potentially lead to a 
humanitarian crisis.
  At no cost to us, we can allow the U.S. territory to restructure its 
debt and declare bankruptcy, ultimately keeping the basic functions of 
government open and avoiding real social and economic harm to the 
American citizens living on the island.
  But we can't stop there. We all must remain committed to assisting 
Puerto Rico in a long-term solution to the economic and social 
challenges the island has been facing for far too long.
  The island territory of Puerto Rico has already suffered a decade of 
economic stagnation, high unemployment, and cuts in every program from 
higher education to health care. The government of Puerto Rico has 
closed 160 schools in the past two years and is spending $2,000 less 
per student than the average spent in the states. It has laid off 21 
percent of its employees since 2008 with further cuts projected in 
2016. The Puerto Rican people can ill-afford more cuts. We in Congress 
must do our part.
  We should prevent further crisis by giving our U.S. territory of 
Puerto Rico the ability to restructure its debt and deal with the root 
causes of the crisis just as all U.S. states have the ability to do.
  I want to commend the leadership of Luis Gutierrez, Nydia Velazquez, 
Leader Pelosi, Jose Serrano, and Pedro Pierluisi for their tireless 
commitment to the people of Puerto Rico and all Hispanic Americans. It 
is because of their efforts that Republican leadership has agreed to 
take action by March 31st. We all need to follow their lead in standing 
up for the American people who live, work, and raise their families in 
our territories.
  Today I stand with the Puerto Rican people in urging this body to 
work together on a bipartisan, commonsense restructuring bill that 
provides economic hope to the people of Puerto Rico.

                          ____________________